Legal services

You can give any kind of assets as a gift. How the gift is given depends on the assets concerned. In terms of form, donating a real property differs from donating a movable, for example.

An advancement refers to a gift which the person leaving an inheritance gives to his heir before his death, and the purpose is that this gift is taken into account in the subsequent estate distribution.

In planning and implementing a donation, you should turn to an expert to avoid tax-related or other unwelcome surprises.

Spouses have a marital right to each other's assets, which means that the less-moneyed spouse has the right to receive part of the other spouse's property when their marriage ends either in the other spouse's death or divorce.

By a prenuptial/postnuptial agreement, the spouses can waive their marital right to each other's property. During the marriage, the agreement does not affect property relations between the spouses or other finances but it will not matter until the marriage comes to an end.

A prenuptial/postnuptial agreement is a document that must be drafted in a specified form. It pays to let an expert draw up the agreement. This way you will ensure that the agreement is legitimate and is the kind you want it to be.

A marriage ending in divorce or a spouse's death necessitates the distribution of matrimonial assets. In such a case, spouses or the surviving spouse and the heirs of the dead spouse will distribute the assets among themselves.

There is no deadline for performing the distribution but it is advisable in many cases to do it soon after the end of the marriage to clear up the ownership of assets. If the spouses had an effective prenuptial/postnuptial agreement, the assets should be separated rather than distributing them.

Distribution and separation of assets require documents drafted in a specified form and it is advisable to let an expert prepare them. Distribution and separation can be performed at an OP bank if the parties involved are unanimous in such performance and its content.

A last will and testament is a document declaring your wishes regarding the disposal of your property upon you death. It can also be used to influence statutory succession. By drawing up a last will and testament, you can also reap tax benefits.

By law, it must be drafted in a specified form. You should therefore let an expert draw up your last will and testament, who ensures that it is legally valid and has the legal effects that you want. You can also agree with your OP cooperative bank on keeping your last will and testament safe at the bank.

Representation based on a continuing power of attorney enables you to prepare yourself, for example, for permanent incapacity caused by an illness. By the continuing power of attorney, you specify the matters to which the power of attorney applies and appoint a person to whom you want to give the power. Through representation based on a continuing power of attorney, you can manage these things more flexibly than through usual representation.

We recommend that you establish representation based on a continuing power of attorney well in advance, i.e. when you still are legally competent and understand the meaning of the power of attorney.

Representation based on a continuing power of attorney takes effect when you are incompetent to manage your personal affairs due, for example, to an illness or mental incapacity. After that, the power of attorney will be confirmed at a local register office at the authorised representative's request.

For drafting the power of attorney, you should turn to an expert. A properly prepared power of attorney ensures that the person you have authorised to act for you can manage your affairs when you have loss of capacity.

On a person's death, an inventory of the deceased's estate is to be made. This involves drawing up a document called a deed of inventory. The deed of inventory contains the distributees of the death estate, or heirs, beneficiaries under a will and, in many cases, the widow(er).

The deed of inventory is a list of the assets and liabilities of the deceased at the time of his death, while serving as a tax return for the purpose of inheritance tax. The deed also shows the assets and liabilities of any widow(er).

You need a variety of documents and evidence for an estate inventory. To begin with, a detailed extract from the population register applying to the deceased must be obtained. It is advisable to allow enough time to do this.  If the deceased lived abroad during his lifetime, such an extract must also be obtained for his stay abroad.

Sufficient evidence of liabilities is also required. OP cooperative banks issue a customer status declaration of the deceased's all banking transactions with OP according to the status on the date of death. Before making an estate inventory, it is necessary to check whether the deceased had an effective postnuptial/prenuptial agreement, last will and testament or made donations or had a life insurance policy.

Your local OP cooperative bank will be pleased to execute an estate inventory for you. Contact your own bank well in advance before the deadline for the estate inventory expires. The bank will obtain the required evidence and documents and send invitations to estate inventory proceedings. It can also take care of services of will. After the estate inventory, the bank will also take charge of sending documents to the tax office within the stipulated time.

In estate distribution, the decedent's assets are distributed among heirs, terminating the death estate's joint administration.

After the distribution, each beneficiary may decide on the inherited property independently. If the deceased person was married at the time of his/her death, the estate will be subject to division or separation of assets between the surviving spouse and the decedent's estate before the estate distribution.

It pays to let an expert draw up the deed of estate distribution, which is a document drafted in a specified form.

If the distributees are unable to reach agreement on the estate distribution, the court will, on application, appoint an executor to distribute the estate. An OP cooperative bank can draw up a deed of estate distribution if all of the estate's distributees are unanimous in the execution of the distribution and its content.

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. As an OP cooperative bank owner-customer, you get 40% more OP bonuses compared to the normal level of 2022. We will continue the familiar benefit until the end of 2025.

OP bonuses come from

• funds in savings accounts
• home loans, student loans and secured bank loans
• mutual fund units and unit-linked insurance
• paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.

Read more about OP bonuses

As an owner-customer, you also get significant benefits and discounts. For example, you will get daily banking services without monthly charges until the end of 2025 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

See all owner-customer benefits